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Benjamin Graham

“It demonstrates an inherent characteristic of forecasting and trading formulas in the fields of business and finance. Those formulas that gain adherents and importance do so because they have worked well over a period, or sometimes merely because they have been plausibly adapted to the statistical record of the past. But as their acceptance increases, their reliability tends to diminish.”

Benjamin Graham, The Intelligent Investor
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The Intelligent Investor The Intelligent Investor by Benjamin Graham
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